New York Life life insurance

Overview

New York Life is the largest mutual life insurer in the United States, measured by revenue on the Fortune 500. It has no shareholders; participating policy owners share in its results through annual dividends. It ranked #2 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $9.06 billion, a 5.80% share. Counting group life as well as individual policies, NAIC's preliminary 2025 figures put the New York Life group first among all U.S. life insurance groups, with 7.40% of total life premiums.

The company reaches customers through three quite different doors. Its career agents (the company counts more than 23,000 employees and agents in over 120 offices) sell participating whole life and other individual coverage. Its direct business runs the AARP Life Insurance Program, sold by phone and online to AARP members. And New York Life Group Benefit Solutions, the former Cigna group insurance business, provides life and disability coverage through employers. Universal life, variable universal life and many annuities are issued by its Delaware subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC).

History

The company began as the Nautilus Insurance Company, chartered in New York in 1841 to write marine and fire insurance. It started offering mutual life insurance in 1845, the year New York Life gives as its founding, and adopted the name New York Life Insurance Company in 1849, according to a New York City Landmarks Preservation Commission report. That report also records that 339 of its first 1,000 policies insured enslaved people, a practice discontinued in 1848. New York Life has remained a mutual throughout its history.

Its largest acquisition came at the end of 2020, when it closed the $6.3 billion purchase of Cigna's group life, accident and disability insurance business. The unit, including Life Insurance Company of North America (LINA), was renamed New York Life Group Benefit Solutions and brought about 9 million customers. If your employer coverage was once "Cigna" group life or disability, it is now serviced by New York Life. Other businesses include New York Life Investments (including MainStay mutual funds) and NYLIFE Securities. Craig DeSanto is chair, president and CEO.

Life insurance products

Term coverage comes as yearly renewable term, which starts cheap and rises every year, or level term with fixed premiums for 10, 15 or 20 years; after the level period, premiums rise annually if you keep it. Term policies can be converted to permanent coverage. Term riders include disability waiver of premium, a living benefit that pays part of the death benefit early if the insured is terminally ill, and a spouse paid-up purchase option that lets a surviving spouse use the payout to buy their own paid-up policy without a medical exam.

Permanent options listed on the company's site:

• Whole life, participating and eligible for dividends, including Custom Whole Life with premiums limited to a set number of years (such as 10 or 20) and Secure Wealth Plus, which uses expedited underwriting and emphasizes early cash value.
• Custom Survivorship Whole Life, covering two lives and paying at the second death.
• Universal life, including a guaranteed version (Custom Universal Life Guarantee), issued by NYLIAC.
• Variable universal life, including Market Wealth Plus and a survivorship VUL, sold by prospectus.

The company does not list indexed universal life among its products.

The AARP Life Insurance Program, underwritten by New York Life, offers AARP members level benefit term life up to $150,000 that can last to age 80 (rates rise in five-year age bands), permanent whole life up to $100,000, and guaranteed acceptance life up to $30,000 with limited benefits in the first two years, a graded death benefits: why the first two years matter structure common in guaranteed issue policies. These are applied for online or by phone, without an agent or a medical exam.

Other products

New York Life sells long-term care insurance (NYL My Care and NYL Secure Care, both of which pay dividends), individual disability income insurance (NYL MyIncome Protector), immediate and deferred income annuities (its participating Mutual Income Annuities pay dividends), mutual funds, ETFs, 529 plans and wealth management. Through Group Benefit Solutions it provides employer group life, AD&D and disability insurance.

Buying and service

Individual policies other than the AARP products are sold through a New York Life agent; the website lets you search for an agent by ZIP code or request a contact, but does not sell these policies online. AARP members can get quotes and apply at nylaarp.com.

Policy owners can register for online access and use the mobile app to make payments, set up recurring payments, update banking details and use service forms. Customer service is at 800-225-5695 (800-CALL-NYL), or 212-576-6600 as a toll alternative, Monday to Friday, 8 a.m. to 7 p.m. Eastern; the contact page warns of heavy call volumes and long wait times.

Claims

Beneficiaries start a claim online at newyorklife.com/claims by reporting a death; anyone who receives a letter with a claim number can register to follow the claim online. The same page offers a policy search for people looking for an existing policy or unclaimed funds, and access to the Empathy app, a free bereavement and estate-logistics service from an unaffiliated company. Questions about an individual policy claim go to 800-225-5695. For group life, AD&D or disability claims under employer coverage, the company directs people to [email protected]. The steps are summarized in how to file a life insurance claim.

Ratings and reputation

New York Life holds the top financial strength ratings any U.S. life insurer currently receives from all four agencies. On July 23, 2026, AM Best affirmed its A++ (Superior) financial strength rating and "aaa" (Exceptional) issuer credit rating with a stable outlook, citing strongest balance sheet strength and very strong operating performance. The company's ratings page in October 2026 listed the latest actions by the other agencies as Moody's Aa1 (May 28, 2026), Fitch AAA (September 3, 2025) and S&P Global AA+ (October 28, 2025). S&P and Moody's do not rate U.S. insurers above the U.S. government. See AM Best, S&P, Moody's and Fitch ratings explained.

In November 2025 the company announced an estimated $2.78 billion dividend payout for 2026, the largest in its history and its 172nd consecutive annual dividend, and said it has paid more than $1 billion in dividends every year since 1990. Dividends are not guaranteed.

In the J.D. Power 2026 U.S. Individual Life Insurance Study, released in October 2026, New York Life ranked 15th of 23 brands with 634 points, below the 649 study average and down from 8th in 2025.

In March 2021 New York Life agreed to pay $5.4 million in restitution and about $5.5 million in penalties to the New York Department of Financial Services over annuity replacement sales in which customers received incomplete comparisons of the income they would give up, InvestmentNews reported.

Who it suits

New York Life fits buyers who want participating whole life or long-term care from a top-rated mutual and value an agent relationship, and older AARP members who want a modest policy without an exam. It is less suited to someone who wants to compare and buy a large term policy online, or who wants indexed universal life. AARP guaranteed acceptance coverage costs more per dollar of benefit than fully underwritten coverage and pays limited benefits in the first two years. Compare it with Northwestern Mutual and MassMutual.

• Strengths: Top ratings from all four agencies (2025); a record $2.78 billion dividend payout expected in 2026; dividends also paid on some long-term care, disability and income annuity products; no-exam AARP options for older buyers.
• Weaknesses: Agent-only sales for most individual policies; level term only to 20 years; a 2021 New York regulatory settlement over annuity replacements; below-average J.D. Power satisfaction in 2026 (15th of 23).

How to contact New York Life